Vessels, Net

9 Months Ended

Dec. 31, 2024

Vessels, Net:

Vessels, Net

5. Vessels, Net

			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2024	$	1,733,196,909	$	(524,608,696)	$	1,208,588,213
Other additions		3,923,875		—		3,923,875
Depreciation		—		(48,368,267)		(48,368,267)
Balance, December 31, 2024	$	1,737,120,784	$	(572,976,963)	$	1,164,143,821

Additions to vessels, net, mainly consisted of scrubber purchases and installation costs and other capital improvements for certain of our VLGCs during the nine months ended December 31, 2024. Our vessels, with a total carrying value of $1,133.6 million and $1,175.6 million as of December 31, 2024 and March 31, 2024, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 7 below). Captain John NP is our only VLGC that is not first-priority mortgaged as collateral for our long-term debt as of December 31, 2024 and March 31, 2024. As of December 31, 2024, we obtained independent appraisals of the technically managed VLGCs in our fleet and concluded that there were no indicators of impairment in accordance with ASC 360 Property, Plant, and Equipment.